NEW YORK, Nov. 15, 2016 /PRNewswire/ -- We are at the point of paradigm shift in treating stroke victims. High tech solutions are about to bring improvements that have been unthinkable. Bionik Laboratories is a pioneer in the field with a clear path to extraordinary growth.
Of the 800,000 annual stroke victims in the US annually, 50% are severely impaired enough to undergo 4-10 weeks of rehab. They are also ideal candidates for robotic therapy. Currently rehabs are therapy gyms making patients re-learn movements, make living as comfortable as possible under difficult circumstances and prevent life threatening repercussions. New technology does not seem to have made any inroads except rudimentary robot assisted walking therapy. There is nothing about upper body robot assisted therapy. BNKL is about to change that.
Bionik Laboratories (Toronto, Boston) is about to enter the upper body neurorehab market. It's fully FDA approved products are:
InMotion ARM for upper extremity neurorehab. InMotion Hand which is an add on to the above in order to facilitate 'grasp and release'. InMotion WRIST to facilitate up and down movements.
The potential immediate demand for these products is staggering. In 2017, the demand for InMotion Clinic at $125,000 should be 8,000 annually or nearly $1 billion. In 2019, InMotion Home at only $4,500 should be 900,000 worldwide or $4 billion. Prudence dictates caution that these benchmarks may not be reached because of unanticipated reasons. However, the order of magnitude demands attention.
Bionik Laboratories was founded by Michal Prywata, who developed brain controlled exoskeletons while an engineering undergraduate student. Peter Bloch, CEO, has navigated BNKL from a tech innovator to a commercial purveyor of technology in largely under-served markets. Bloch acquired In Motion Technology, a pioneering company in this space founded by MIT professors Hogan and Krebs. Dr. Hogan is the acknowledged 'father of exoskeleton'. Recently, BNKL hired Tim McCarthy, a veteran of the industry to head the global commercialization and sales team.
MIT professors and entrepreneurs Hogan and Krebs add greater depth to BNKL than any other company in health robotics. Two somewhat similar companies, Cyberdyne (Japan ) and MindMaze (Switzerland) have $2.5 bil. and $1.0 bil. valuations. Bionik Laboratories (BNKL) is approximately $100 mil.
(Dirks exposed Equity Funding stock fraud, second only to Enron)
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SOURCE Bionik Laboratories